BookWorm's MFW Chapter
BookWorm
Posts: 2,464 Forumite
:wave:
I’ve been lurking around these parts for a good while now with occasional posts here and there. However, after reaching what I consider to be a milestone with my mortgage (will come back to that shortly), I felt the time was right to start my own diary. I figured if I don’t now, I may never do so!
It was after reading some of the inspirational diaries on here that caused me to have my ‘light bulb moment’ back in 2012. Until then, I didn’t really know about overpaying a mortgage – and certainly didn’t know what a positive effect even small amounts can have. It also caused me to review my spending overall (and whilst I wasn’t bad by any means), it certainly made me think and become very aware of where I could become better.
I’m in my mid 30’s, single and although I have an ok paying job, I’m unlikely to get my mortgage cleared anytime soon. Money only goes so far after all and I do still want some semblance of a life in the meantime. However, I figured all progress is good right (thinking tortoise and the hare!)
Ok so on to the figures:
Mortgage taken out June 2010 with 10% deposit – initial rate 6.59% :eek: fixed for 3 years - initial balance £104499. 25 year term due to finish July 2035
(I had no one to advise me not to add the fees to the balance – lesson 1 learnt!)
LBM – October 2012 – still on the scary rate – balance £100,664.70
2013 – started with a balance of £100,499.88 – during the year I dropped to the SVR of 4% which was a welcome relief. However, after being around these parts, I continued to OP the difference in payments which means it does tick along nicely. I remortgaged in November and as the extra OP’s had dropped me below 85% LTV and I wanted to fix again for peace of mind. I now have a rate of 3.75%. which is fixed until March 2016. I got £100 cashback as I stayed with the same provider which duly went on as an OP! I’m hoping that I can get down to below 75% LTV by the time the deal runs out (and if I can manage 70% so much the better!)
2014 – started with a balance of £94,591.34. Ok now back to the milestone. As of today, my balance is £89,733.43! :j I have dropped into the 80’s for the first time!!
I have also worked out that the monthly interest will push me back into the dreaded 90’s by £12.30…:mad: so I have to make sure that I can OP by at least that much as there is no way I want to creep back over that threshold. I have £9 owing from survey payments and so I’m confident I can do this.
So here is the start of my diary (if not the journey itself).
Everyone is welcome…I’d love some company along the way. So pull up a chair, have a brew and make yourselves at home.
BW
I’ve been lurking around these parts for a good while now with occasional posts here and there. However, after reaching what I consider to be a milestone with my mortgage (will come back to that shortly), I felt the time was right to start my own diary. I figured if I don’t now, I may never do so!
It was after reading some of the inspirational diaries on here that caused me to have my ‘light bulb moment’ back in 2012. Until then, I didn’t really know about overpaying a mortgage – and certainly didn’t know what a positive effect even small amounts can have. It also caused me to review my spending overall (and whilst I wasn’t bad by any means), it certainly made me think and become very aware of where I could become better.
I’m in my mid 30’s, single and although I have an ok paying job, I’m unlikely to get my mortgage cleared anytime soon. Money only goes so far after all and I do still want some semblance of a life in the meantime. However, I figured all progress is good right (thinking tortoise and the hare!)
Ok so on to the figures:
Mortgage taken out June 2010 with 10% deposit – initial rate 6.59% :eek: fixed for 3 years - initial balance £104499. 25 year term due to finish July 2035
(I had no one to advise me not to add the fees to the balance – lesson 1 learnt!)
LBM – October 2012 – still on the scary rate – balance £100,664.70
2013 – started with a balance of £100,499.88 – during the year I dropped to the SVR of 4% which was a welcome relief. However, after being around these parts, I continued to OP the difference in payments which means it does tick along nicely. I remortgaged in November and as the extra OP’s had dropped me below 85% LTV and I wanted to fix again for peace of mind. I now have a rate of 3.75%. which is fixed until March 2016. I got £100 cashback as I stayed with the same provider which duly went on as an OP! I’m hoping that I can get down to below 75% LTV by the time the deal runs out (and if I can manage 70% so much the better!)
2014 – started with a balance of £94,591.34. Ok now back to the milestone. As of today, my balance is £89,733.43! :j I have dropped into the 80’s for the first time!!
I have also worked out that the monthly interest will push me back into the dreaded 90’s by £12.30…:mad: so I have to make sure that I can OP by at least that much as there is no way I want to creep back over that threshold. I have £9 owing from survey payments and so I’m confident I can do this.
So here is the start of my diary (if not the journey itself).
Everyone is welcome…I’d love some company along the way. So pull up a chair, have a brew and make yourselves at home.
BW
0
Comments
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My OP’s come from a variety of places.
- Set OP each month (love seeing the effect this has)
- Surveys (I was already an avid survey taker. It was due to those, that I came across MSE in the first place)
- Monthly reward from the bank (it was because of lovely MFW’ers I do this – it never would have occurred to me otherwise – so ty!)
- Cashback sites
- Any extra cash I get (lottery wins, bonuses, bill rebates, etc)
Total OP’s since I started this are now just over £6K. I know that compared to some figures around here that it’s pretty modest…but I am still pleased with it.0 -
Hello! :hello:
Congratulations on starting a diary
You've certainly made some inroads on the mortgage already.
Good luck with your quest, and I'll certainly keeping up to date with your future progress Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
Thanks Goldiegirl
As I was listing the figures earlier , it did make me realise what I have achieved already. I must remember that on the days where I feel uninspired0 -
Well that's Monday done work wise. Is it the weekend yet?
One of my survey payments has come in so that's £3 OP made. Be there in no time eh :rotfl:0 -
Hello bookworm and good luck with your plans. I too am a bookworm and so is oh. On our last holiday we were reading about one and a third books a day each.... XPaid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
Still thrifty though, after all these years:D0 -
It's wonderful that you've decided to open a diary to visitors - we all owe a lot of long overdue encouragement after your years of supporting the rest of us 0
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Hi and thank you SSS. Always nice to meet fellow readers. What kind of things do you like to read?
Thanks Mr E.
You really are too kind 0 -
:wave:
Morning BookWorm, just stopped by to say hi and good luck, seems like you're well on top of things already.
Love the psychological need to stay below the 90s once you've hit 80-odd, am just like this too and it's sooooo frustrating when the mortgage interest goes out and pushes you back over! You're doing brilliantly, we're still heading for that £100 k barrier by the end of the year ... that's far back in the distance for you now as you're striking away to minimise that mortgage! Good luck with it all.
Another tribe of the bookish kind here too. We ditched having a TV years ago, instead we have bookcases and kindles, can't beat a good book!
Wishing you well with the next exciting stage. XStash busting 2014 45 / 60 (balls of yarn)!
2014 Sealed Pot #2136 ?/£500
House: Decluttering 322 / 365
Original mortgage [STRIKE]£149,000[/STRIKE][STRIKE]£117,750[/STRIKE];[STRIKE]£112,500[/STRIKE] MFW 2014#69 GOAL 1: [STRIKE]£109 K April[/STRIKE] GOAL 2: [STRIKE]£103 K by Sept[/STRIKE] GOAL 3: < £100k by end of 2014 MF goal: Nov 2020 - 4 years early0 -
Bookworm, you've started a diary :T:T:T:T
Will certainly be pulling up a chair, always happy to bring a plate of HM scones with me
I can certainly understand the need to find the £12.30.
Best wishes and keep posting.
Tilly x x x2004 £387k 29 years - MF March 2033:eek:
2011 £309k 10 years - MF March 2021.
Achieved Goal: 28/08/15 :j0 -
Thank you to Habibiboo and Tilly for stopping by
Habibiboo - I am in awe of you not having a TV. As much as I love reading, I'm not sure I could give up my viewing entirely. Although I do seem to watch more films than anything else these days
Tilly - mmm scones sound lovely
I never need encouraging to eat :rotfl: 0
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